Nugent, 22, has failed to cement a regular first-team spot for Pompey since joining from Preston North End in the summer.
But the England international netted the goal which sent Ipswich out of the FA Cup in the third round and impressed Town boss Magilton.
Speaking to the Ipswich Evening Star, Magilton said: "Nugent is a possibility, we have asked Portsmouth about taking him on loan and they have not ruled it out."
"He loves Portman Road and he loves scoring goals here, so it would be good to have him in a Blues shirt."